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medallions are required to operate cabs in many large cities including new york. they were first issued in the big apple during the great depression. >> back in 1937, this little piece of tin sold for $10 each. >> his grandfather bought one of the first badges and medallion financial was born. the company has seen quite a return on that first investment and on hundreds more medallions it bought since then. back in the late '70s when the checker cabs were cruising the streets of new york city, a taxi medallion would set you back less than $100,000. now this piece of metal on the front of your cab will set you back more than a million bugs. >> i don't think we ever thought it would hit a million dollar price. they have gone up 15% per year, 70 years. outperforming dow, gold, nasdaq, real estate. you name it. >> analysts marvel at the company's track record. unlike most banks, medal i don't know never had default on taxi loan. >> real estate lending someone defaults it is years before banks get money back. it is terrific collateral. the medallion is the little tin. if somebody doesn't pay
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